Amidst harsh regulatory crackdown, Binance Exchange hires new compliance director

TL;DR Breakdown

• Binance appoints Johnathan Farnell as new director of compliance
• Binance faced with myriad of regulatory sanctions
• Farnell expresses excitement joining Binance, reels out what he intends to achieve

Binance exchange has announced the appointment of a new director of compliance, Jonathan Farnell, who was the former director of compliance with eToro.

The number one crypto exchange made the appointment in the wake of a stringent crackdown by regulators in the UK and Europe. Binance exchange, in a release, stated that the new Director of Compliance would help develop its regulatory products landscape, including regulated e-money and crypto-asset services.

The exchange firm, over the past week, had to deal with serious regulatory woes. Last month the UK’s Financial Conduct Authority issued a consumer warning, barring Binance from carrying out any regulated activity in the country.

Similarly, Japan accused the exchange of operating in the country illegally, and Thailand has filed a criminal complaint for operating without a license.

Despite all this, Barclays suspended debit and credit card payments from UK customers to the firm. On Tuesday, Binance exchange told customers it has temporarily stopped Sepa payments “due to events beyond our control”.

Farnell’s appointment no doubt is a boost to the exchange’s compliance department.

Farnell reacts to Binance exchange appointment

The former eToro compliance director expressed excitement while reacting to his appointment by the largest crypto exchange firm in the world.

He acknowledged that Binance always puts users first and is known for innovation and promoting the creation of highly unique products. He stated that his efforts would be helping the firm develop its existing portfolio and also drive further regulatory compliance in Europe, and the development of regulated products.

He also said he would help the exchange focus on ongoing collaborative relationships with regulators and partners, and keep up with the changing requirements in the constantly evolving cryptocurrency ecosystem.

“The crypto industry is fast-paced and faces unique challenges, and I look forward to helping Binance grow in the next stage of its journey.” he concluded.